Bank Muscat posts net profit of OMR48.26 million for first quarter of 2022

Muscat: Bank Muscat, the flagship financial institution in the Sultanate, has announced its preliminary unaudited results for the three months ended 31 March 2022.

The bank posted a net profit of OMR48.26 million for the period compared to OMR47.15 million reported during the same period in 2021, an increase of 2.4 per cent.

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The key highlights of the results for the period are as follows:
Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at OMR82.08 million for the three months ended 31 March 2022 compared to OMR83.74 million for the same period in 2021, a decrease of 2.0 per cent due to higher interest expenses.
Non-interest income was OMR37.02 million for the three months ended 31 March 2022 as compared to OMR37.68 million for the same period in 2021. 

Operating expenses for the three months ended 31 March 2022 were OMR50.95 million as compared to OMR47.11 million for the same period in 2021, an increase of 8.2 per cent.Net Impairment for credit and other losses for the three months ended 31 March 2022 was OMR12.00 million as against OMR18.08 million for the same period in 2021.

Net Loans and advances including Islamic financing receivables decreased by 2.8 per cent to OMR9,013 million as against OMR9,277 million as of 31 March 2021.
Customer deposits including Islamic Customer deposits increased by 4.8 per cent to OMR8,853 million as against OMR8,446 million as of 31 March 2021.

The full results for the three months ended 31 March 2022 along with the complete set of unaudited financial statements will be released following the approval of the Board of Directors of the bank at its meeting scheduled later in April 2022.